Every one owns an insurance policy. Be it in the name of family or as a life cover, we all have them in our names. These days Maternity Health Insurance policies are gaining popularity and women are seriously considering them. There are a few factors which every woman should know before she decides to spend an extra 3-5000 for maternity cover.
The average age of women conceiving these days has raised from 24-26 to 31-33. Women are career oriented and are starting their families a little later in life. Because of this shift the insurance policies are considering maternity benefit as a risky affair. It is also one of the policies which gates claimed for sure. There is a 100% claim rate to maternity policy because every woman who intends to be a mother in near future opts for one.
Today SheNeeds is bringing to you a few pointers which you need to consider before buying a Maternity Health Insurance Policy. We would also let you know about the prevalent policies in the market and would discuss them in a separate article.
Features Of Maternity Health Insurance
Most of the features of the maternity health insurance are same except for a few changes. The common features of all the maternity policies are as follows:
- Hospitalization Expenses ( ranges from 15000-30000 for normal delivery and 25000-50000 for c section)
- Pre-hospitalization expenses
- Post-hospitalization expenses: (room charges, nursing expenses, anesthetist charges)
- There are policies which don’t cover pre and post hospitalization charges or have a capping.
- Vaccination of the infant (few policies have this feature)
- Ambulance charges
- New born baby cover for congenital disorder
There are a few things which your insurance policy will not cover. They are:
- Caesarean section procedure with a capping.
- Pregnancy termination
- Actual charges incurred as there’s a sub-limit
- In vitro fertilisation procedures
- Regular check-ups
- All the sonograms and blood tests done during pregnancy
- Non-allopathic treatment costs
- Consultation fees
- Medicine costs
- Congenital diseases
- Pre-existing ailments or injuries diagnosed within 48 months of the policy commencement
- Expenses related to self-inflicted injuries, drug use or alcohol
- AIDS treatment-related expenses
All the insurance policies which offer a maternity benefit have a waiting period of 2-4 years. There are some policies which extend this waiting period to 6 years for a person to claim the charges of maternity. So for the women who plan on taking a maternity cover, should take it as early as possible. Even if you are not planning to have a baby any time soon, you can take the policy.
The premium of an insurance policy having a maternity benefit is higher than the general health insurance. The insurers consider it a high risk policy and thus it amounts to a higher premium. In general insurance policies there is a big possibility that you might not need the claim but in maternity policy the claim is sure, sooner or later. A general health plan with a cover of 3 lakhs for a 35-year old female would normally cost around 3,000-4,000 a year. But if the same policy is with maternity benefits, the premium goes upto 8000-9000 a year. It more than doubles and makes the policy a little less attractive.
Points to Consider
- If you plan on taking a maternity policy, do it ASAP. Age is a big factor and the insurance premiums increase with your age.
- Since there are caps on expenses covered by these policies, you can create your own liquid fund and can keep it safe in a Reccurring deposit or an FD.
- Don’t buy a maternity cover just because you are buying a health insurance.
- Always check your employers health policy because many companies offer maternity benefits to their employees.
- For women who don’t intend to have kids for long, these premiums can be an added burden and they would have to stick to the same insurer because of the waiting period.
A steep rise in the maternity expenses these days are forcing people to take maternity health insurance plans. In metro cities the cost of a delivery goes beyond a lakh and the insurance doesn’t relieve you from the burden entirely. Even if these policies don’t cover the entire cost, they aid partially and it helps lessen the burden. Its advisable to these policies when you get married because generally couples take 2-3 years after marriage to start their families.